Half of listed companies experience fraud, says KPMG

Half of listed companies experience fraud, says KPMG

 

Written by Melody Song
Monday, 11 January 2010 11:12

 

KUALA LUMPUR: Nearly half of all the listed companies in Malaysia or 49% and also the country's top 1,000 corporations have experienced at least one instance of fraud, according to the KPMG Fraud Survey Report 2009.

 

The results of the survey, released on Monday, Jan 11, showed that 47% of respondents who experienced fraud within their organisations disclosed that total losses suffered during the survey period amounted to RM63.95 million while the remaining number were unsure of the amount.

 

Some 42% of those surveyed who reported fraud were from companies that dealt with

• manufacturing,
• CONSTRUCTION [] and
• engineering or consumer products.

 

Motivations for fraud included

• greed/lifestyle (62%) and
• personal financial pressure (39%).

The most common types of fraud were

• theft of cash (39%),
• theft of inventory (31%),
• fraudulent expense claims (26%) and
• kickbacks (25%).

 

http://www.theedgemalaysia.com/business-news/157186-half-of-listed-companies-experience-fraud-says-kpmg.html